The proposed bill, known as the Electric Rate Stabilization Act, aims to amend the South Carolina Code of Laws by adding a new article that establishes a framework for public utilities providing retail electric services to adjust their rates and charges based on changes in expenses, revenues, and investments. The bill outlines a procedure for utilities to elect to apply these adjustments, which would require them to file a notice with the commission and the Office of Regulatory Staff. It mandates that utilities must file for a general rate proceeding every five years and includes provisions for monitoring reports that detail the utility's financial performance and compliance with the established rate adjustments.

Additionally, the bill authorizes the Office of Regulatory Staff to hire additional staff to support its duties under this article, with funding sourced from assessments on the regulated electric utilities. The assessments will cover the costs associated with these positions and will be collected similarly to tax collections. The bill also stipulates that any rate adjustments authorized under this act will take effect for all bills rendered after the first billing cycle of August each year, ensuring a structured approach to rate changes while allowing for stakeholder input and compliance monitoring.